Adjusted net income per share of $0.27 for the March 2014 quarter
compared to $0.28 in the March 2013 quarter

“The March 2014 quarter was impacted by challenges related to this
year’s winter season in the United States and increases in the costs of
our raw materials,” said Jon Rich, Chairman and CEO of Berry Plastics.
“Despite those effects we still achieved a 5 percent increase in net
sales and had similar free cash flow versus the prior year. We took
actions on pricing and cost reductions in the quarter and are encouraged
by recent increases in demand.”

March 2014 Quarter ResultsFor the March 2014 quarter, the
Company’s net sales increased by 5 percent to $1,210 million from $1,150
million in the March 2013 quarter. The year-over-year increase was
primarily attributed to increased selling prices due to higher material
costs along with sales from our acquisitions of Graphic Packaging’s
Flexible Plastics and Film business and Qingdao P&B.

Quarterly Period Ended (Unaudited)

Net sales (in millions)

March 29, 2014

March 30, 2013

$ Change

% Change

Rigid Open Top

$

256

$

257

$

(1

)

(-

)%

Rigid Closed Top

360

353

7

2

%

Rigid Packaging

616

610

6

1

%

Engineered Materials

368

354

14

4

%

Flexible Packaging

226

186

40

22

%

Total net sales

$

1,210

$

1,150

$

60

5

%

March 2014 Fiscal YTD ResultsFor March 2014 Fiscal YTD, the
Company’s net sales increased by 6 percent to $2,350 million as compared
to $2,222 million for the same period of fiscal 2013. The increase was
primarily attributed to increased selling prices due to higher material
costs along with sales from our acquisitions of Graphic Packaging’s
Flexible Plastics and Film business and Qingdao P&B.

Two Quarterly Periods Ended (Unaudited)

Net sales (in millions)

March 29, 2014

March 30, 2013

$ Change

% Change

Rigid Open Top

$

517

$

516

$

1

-

%

Rigid Closed Top

692

666

26

4

%

Rigid Packaging

1,209

1,182

27

2

%

Engineered Materials

710

679

31

5

%

Flexible Packaging

431

361

70

19

%

Total net sales

$

2,350

$

2,222

$

128

6

%

Capital Structure and Adjusted Free Cash FlowAt the close
of the March 2014 quarter, the ratio of net debt of $3,817 million to
LTM Adjusted EBITDA of $807 million was 4.7x, an improvement of 0.1x
from the September 2013 quarter. The Company’s LTM Adjusted free cash
flow was $288 million.

March 29,2014

September 28,2013

(in millions)

(Unaudited)

Term Loans

$

2,514

$

2,522

Revolving line of credit

—

—

9½% Second Priority Notes

500

500

9¾% Second Priority Notes

800

800

Senior Unsecured Term Loan

18

18

Debt discount, net

(16

)

(8

)

Capital leases and other

127

114

Total debt

$

3,943

$

3,946

Less: Cash and cash equivalents

(126

)

(142

)

Net debt

$

3,817

$

3,804

Outlook“In late March we announced that we had entered into
agreements to acquire Rexam’s Healthcare Containers and Closures
business. The proposed acquisition is directly aligned with our key
strategic initiatives and is expected to be deleveraging after achieving
synergies,” stated Rich.

“As we look ahead to the remainder of fiscal 2014, based on trends we
are seeing, we believe that business will improve in the coming quarters
and despite the earnings challenges we had in our March ending quarter,
we are reconfirming our initial plan of $270 million of adjusted free
cash flow,” said Rich.

Investor Conference CallThe Company will host a conference
call on Friday, May 2, 2014, at 10 a.m. Eastern Time to discuss its
second quarter fiscal 2014 results. The telephone number to access the
conference call is (866) 244-4530 (domestic), or (703) 639-1173
(international), conference ID 1636130. The call will last approximately
one hour. Interested parties are invited to listen to a live webcast by
visiting the Company’s Investor Relations page at www.berryplastics.com.
A replay of the conference call can also be accessed on the Investor
Relations page of the website beginning May 2, 2014, at 2 p.m. Eastern
Time, to May 10, 2014, by calling (888) 266-2081 (domestic), or (703)
925-2533 (international), access code 1636130.

About Berry PlasticsBerry Plastics Group, Inc. is a leading
provider of value-added plastic consumer packaging and engineered
materials delivering high-quality customized solutions to our customers
with annual net sales of over $4.6 billion in fiscal 2013. With world
headquarters in Evansville, Indiana, the Company’s common stock is
listed on the New York Stock Exchange under the ticker symbol BERY. For
additional information, visit the Company’s website at www.berryplastics.com.

Non-GAAP Financial MeasuresThis press release includes
non-GAAP financial measures such as Operating EBITDA, Adjusted EBITDA,
Adjusted net income per share and Adjusted free cash flow. A
reconciliation of these non-GAAP financial measures to comparable
measures determined in accordance with accounting principles generally
accepted in the United States of America (GAAP) is set forth at the end
of this press release.

Forward Looking StatementsStatements in this release
that are not historical, including statements relating to the expected
future performance of the Company, are considered “forward looking” and
are presented pursuant to the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995.You can identify
forward-looking statements because they contain words such as
“believes,” “expects,” “may,” “will,” “should,” “would,” “could,”
“seeks,” “approximately,” “intends,” “plans,” “estimates,” “anticipates”
“outlook,” or “looking forward,” or similar expressions that relate to
our strategy, plans or intentions.All statements we make
relating to our estimated and projected earnings, margins, costs,
expenditures, cash flows, growth rates and financial results or to our
expectations regarding future industry trends are forward-looking
statements.In addition, we, through our senior management, from
time to time make forward-looking public statements concerning our
expected future operations and performance and other developments.These
forward-looking statements are subject to risks and uncertainties that
may change at any time, and, therefore, our actual results may differ
materially from those that we expected.

Important factors that could cause actual results to differ
materially from our expectations, which we refer to as cautionary
statements, are disclosed under “Risk Factors” and elsewhere in our
Annual Report on Form 10-K and subsequent filings with the Securities
and Exchange Commission, including, without limitation, in conjunction
with the forward-looking statements included in this release.All
forward-looking information and subsequent written and oral
forward-looking statements attributable to us, or to persons acting on
our behalf, are expressly qualified in their entirety by the cautionary
statements.Some of the factors that we believe could affect our
results include:(1) risks associated with our substantial
indebtedness and debt service; (2) changes in prices and availability of
resin and other raw materials and our ability to pass on changes in raw
material prices on a timely basis; (3) performance of our business and
future operating results; (4) risks related to our acquisition strategy
and integration of acquired businesses; (5) reliance on unpatented
know-how and trade secrets; (6) increases in the cost of compliance with
laws and regulations, including environmental, safety, and production
and product laws and regulations; (7) risks related to disruptions in
the overall economy and the financial markets may adversely impact our
business; (8) catastrophic loss of one of our key manufacturing
facilities, natural disasters, and other unplanned business
interruptions; (9) risks of competition, including foreign competition,
in our existing and future markets;(10) general business and economic
conditions, particularly an economic downturn; (11) the ability of our
insurance to cover fully our potential exposures; (12) risks that our
restructuring programs may entail greater implementation costsor
result in lower costs savings than anticipated, and (13) the other
factors discussed in the under the heading “Risk Factors” in our Annual
Report on Form 10-K and subsequent filings with the Securities and
Exchange Commission.

We caution you that the foregoing list of important factors may not
contain all of the material factors that are important to you.Accordingly,
readers should not place undue reliance on those statements.All
forward-looking statements are based upon information available to us on
the date of this release.We undertake no obligation to publicly
update or revise any forward-looking statement as a result of new
information, future events or otherwise, except as otherwise required by
law.

Berry Plastics Group, Inc.

Consolidated Statements of Operations

(Unaudited)

(in millions, except per share data)

Quarterly Period Ended

Two Quarterly Periods Ended

March 29,2014

March 30,2013

March 29,2014

March 30,2013

Net sales

$

1,210

$

1,150

$

2,350

$

2,222

Costs and expenses:

Cost of goods sold

1,023

936

1,987

1,831

Selling, general and administrative

82

75

159

152

Amortization of intangibles

25

27

51

54

Restructuring and impairment charges

3

1

13

6

Operating income

77

111

140

179

Debt extinguishment

2

48

2

64

Other income, net

—

(1

)

(1

)

(4

)

Interest expense, net

57

61

112

131

Income (loss) before income taxes

18

3

27

(12

)

Income tax expense (benefit)

6

2

9

(3

)

Consolidated net income (loss)

12

1

18

(9

)

Net income attributable to noncontrolling interests

—

—

—

—

Net income (loss) attributable to the Company

$

12

$

1

$

18

$

(9

)

Comprehensive income (loss)

$

11

$

(4

)

$

16

$

(11

)

Net income (loss) per share:

Basic

$

0.10

$

0.01

$

0.15

$

(0.08

)

Diluted

0.10

0.01

0.15

(0.08

)

Weighted-average number of shares outstanding: (in thousands)

Basic

116,590

113,034

116,261

112,193

Diluted

121,699

118,197

120,543

112,193

Berry Plastics Group, Inc.

Condensed Consolidated Balance Sheets

(in millions)

March 29,2014

September 28,2013

(Unaudited)

Assets:

Cash and cash equivalents

$

126

$

142

Accounts receivable, net

470

449

Inventories

626

575

Other current assets

294

171

Property, plant and equipment, net

1,316

1,266

Goodwill, intangibles assets and other long-term assets

2,535

2,532

Total assets

$

5,367

$

5,135

Liabilities and stockholders' deficit

Current liabilities, excluding debt

755

613

Current and long-term debt

3,943

3,946

Other long-term liabilities

804

772

Non-controlling interest

12

—

Stockholders’ deficit

(147

)

(196

)

Total liabilities and stockholders' deficit

$

5,367

$

5,135

Berry Plastics Group, Inc.

Condensed Consolidated Statements of Cash Flows

(Unaudited)

(in millions)

Two Quarterly Periods Ended

March 29,2014

March 30,2013

Net cash from operating activities

$

250

$

165

Cash flows from investing activities:

Additions to property, plant and equipment

(114

)

(107

)

Proceeds from sale of assets

1

2

Acquisitions of businesses, net of cash acquired

(96

)

(20

)

Net cash from investing activities

(209

)

(125

)

Cash flows from financing activities:

Proceeds from long-term borrowings

1,126

1,392

Repayment of long-term borrowings

(1,150

)

(1,902

)

Repayment of note receivable

—

1

Proceeds from issuance of common stock

10

4

Debt financing costs

(11

)

(39

)

Payment of tax receivable agreement

(32

)

(5

)

Proceeds from initial public offering

—

438

Net cash from financing activities

(57

)

(111

)

Effect of exchange rate changes on cash

—

—

Net change in cash and cash equivalents

(16

)

(71

)

Cash and cash equivalents at beginning of period

142

87

Cash and cash equivalents at end of period

$

126

$

16

Berry Plastics Group, Inc.

Condensed Consolidated Financial Statements

Segment Information

(Unaudited)

(in millions)

Quarterly Period Ended

Two Quarterly Periods Ended

March 29,2014

March 30,2013

March 29,2014

March 30,2013

Net sales:

Rigid Open Top

$

256

$

257

$

517

$

516

Rigid Closed Top

360

353

692

666

Rigid Packaging

$

616

$

610

$

1,209

$

1,182

Engineered Materials

368

354

710

679

Flexible Packaging

226

186

431

361

Total

$

1,210

$

1,150

$

2,350

$

2,222

Operating income:

Rigid Open Top

$

6

$

33

$

19

$

60

Rigid Closed Top

33

36

63

54

Rigid Packaging

$

39

$

69

$

82

$

114

Engineered Materials

32

33

57

57

Flexible Packaging

6

9

1

8

Total

$

77

$

111

$

140

$

179

Depreciation and amortization:

Rigid Open Top

$

23

$

22

$

46

$

45

Rigid Closed Top

31

33

61

66

Rigid Packaging

$

54

$

55

$

107

$

111

Engineered Materials

18

17

37

35

Flexible Packaging

13

13

26

26

Total

$

85

$

85

$

170

$

172

Restructuring and impairment charges:

Rigid Open Top

$

1

$

—

$

2

$

1

Rigid Closed Top

1

1

1

3

Rigid Packaging

$

2

$

1

$

3

$

4

Engineered Materials

1

—

4

1

Flexible Packaging

—

—

6

1

Total

$

3

$

1

$

13

$

6

Other operating expenses:

Rigid Open Top

$

15

$

1

$

20

$

3

Rigid Closed Top

4

1

7

6

Rigid Packaging

$

19

$

2

$

27

$

9

Engineered Materials

1

—

3

3

Flexible Packaging

6

—

10

3

Total

$

26

$

2

$

40

$

15

Operating EBITDA:

Rigid Open Top

$

45

$

56

$

87

$

109

Rigid Closed Top

69

71

132

128

Rigid Packaging

$

114

$

127

$

219

$

237

Engineered Materials

52

51

101

97

Flexible Packaging

25

22

43

39

Total

$

191

$

200

$

363

$

373

Berry Plastics Group, Inc.

Reconciliation Schedules

(Unaudited)

(in millions, except per share data)

Four Quarters

Quarterly Period Ended

Ended

March 29,2014

March 30,2013

March 29,2014

Net income

$

12

$

1

$

84

Add: interest expense

57

61

225

Add: income tax expense

6

2

40

EBIT (1)

$

75

64

$

349

Add: depreciation and amortization

85

85

339

Add: restructuring and impairment

3

1

21

Add: extinguishment of debt

2

48

2

Add: other expense

26

2

54

Operating EBITDA (1)

$

191

$

200

$

765

Add: pro forma acquisitions

1

9

Add: unrealized cost savings

5

33

Adjusted EBITDA (1)

$

197

$

807

Cash flow from operating activities

$

78

$

78

$

549

Additions to property, plant, and equipment, net

(67

)

(62

)

(229

)

Tax receivable agreement payment

—

(5

)

(32

)

Adjusted free cash flow (1)

$

11

$

11

$

288

Net income per share-diluted

$

0.10

$

0.01

Restructuring and impairment charges (net of tax)

0.02

0.01

Loss on extinguishment of debt (net of tax)

0.01

0.25

Other expense (net of tax)

0.14

0.01

Adjusted net income per share (1)

$

0.27

$

0.28

(1)Supplemental financial measures that are
not required by, or presented in accordance with, accounting principles
generally accepted in the United States (“GAAP”). These non-GAAP
financial measures should not be considered as alternatives to operating
or net income or cash flows from operating activities, in each case
determined in accordance with GAAP. These non-GAAP financial measures
are among the indicators used by management to measure the performance
of the Company’s operations, and also among the criteria upon which
performance-based compensation may be based. Adjusted EBITDA also is
used by our lenders for debt covenant compliance purposes. We use
Adjusted Free Cash Flow as a measure of liquidity because it assists us
in assessing our company’s ability to fund its growth through its
generation of cash.

Similar non-GAAP financial measures may be calculated differently by
other companies, including other companies in our industry, limiting
their usefulness as comparative measures. Because of these limitations,
you should consider the non-GAAP financial measures alongside other
performance measures and liquidity measures, including operating income,
various cash flow metrics, net income and our other GAAP results.